Fortis creates €6bn multi-management arm

EUROPE - Fortis Investments says it has set up a new multi-management business with around €6bn in assets under management.

Fortis Multi Management was created through a merger of Fortis Investments' existing business with operations from Fortis group's commercial and private banking arm, the group said in a release.

Fortis Investments' assets under management have risen to a record €101.2bn, with €9.5bn inflows in the year to date. The inflows, which were "split evenly across institutional and wholesale retail, continue to be the driving force of this increase".

Net profits at the unit rose 28% to €47.4m.

The division acquired around €1bn in assets in September with a transfer of activities from Westfalen Bank.

It has named Saker Nusseibeh as CIO of its global equity investment centre in Boston.

Fortis also said that it has won a £100m mandate from an unmanned UK institution to invest in Japan.

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